Is Rochester Township, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Rochester Township has remained a Seller's Market.
Key Takeaway
Rochester Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Rochester Township, MN
How much do homes in Rochester Township, MN cost?
Median Sold Price
$317,736
$169/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Rochester Township have sold for 2.7% more than they did a year ago.
Summary: The median home sold price in Rochester Township was $317,736 in May 2024, up 2.7% from last year, and the median price per square foot was $169.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $119.5K | $112K | -6.3% |
| 2 Bedrooms | $222.5K | $230.5K | +3.6% |
| 3 Bedrooms | $270K | $275.4K | +2.0% |
| 4 Bedrooms | $358.3K | $370.4K | +3.4% |
| 5+ Bedrooms | $519.9K | $597.4K | +14.9% |
Summary: Rochester Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.3%, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 2%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes increased by 14.9%.
Median Sold Price Compared To Nearby Cities
| Rochester Township | $309.4K | $317.7K | +2.7% |
| Rochester | $309.9K | $317.7K | +2.5% |
| Marion Township | $450K | $425K | -5.6% |
| Cascade Township | $569K | $525K | -7.7% |
Housing Supply in Rochester Township, MN
How many homes are available in Rochester Township, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 655 | 708 | +8.1% |
Summary: The Rochester Township real estate market had 708 homes for sale in May 2024, a 8.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 8 | +14.3% |
| 2 Bedrooms | 106 | 111 | +4.7% |
| 3 Bedrooms | 171 | 203 | +18.7% |
| 4 Bedrooms | 261 | 273 | +4.6% |
| 5+ Bedrooms | 110 | 113 | +2.7% |
Summary: The Rochester Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 4.7%, 3 bedroom homes increased by 18.7%, 4 bedroom homes increased by 4.6%, and 5+ bedroom homes increased by 2.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 149 | 174 | +16.8% |
Asking Price vs. Sold Price
43 Homes Were Sold
Under Asking
51 Homes Were Sold
At Asking
80 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Rochester Township, you could pay more than the asking price. 46% of homes here sold above asking price last month.
Summary: A total of 174 homes were sold or pending in Rochester Township in May 2024, up by 16.8% month-over-month. Of the 174 sold homes, 25% were sold under asking, 29% were sold at asking, and 46% were sold over asking.
Days on Market for Rochester Township, MN
How long does it take to sell a home in Rochester Township, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 27 Days | 20 Days | -26.6% |
Summary: Homes in Rochester Township had an average of 20 days on market in May 2024, down by 26.6% compared to last year.
Breakdown of Home Sale Times
146 Homes Were Sold
Under 30 Days
21 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Rochester Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 174 homes were sold in Rochester Township; 84% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
